Developing property is an arduous task.
From dealing with councils to arranging finance, there are a lot of moving parts when it comes to developing property.
At Tick Box Conveyancing, we have a fantastic track record of assisting developers throughout all the phases of a development.
So, how can an experienced and qualified conveyancer make your road to a successful property development simpler and more efficient?
In the first of our two-part series, we speak to Tick Box director and experienced conveyancer in Melbourne, Martin Galea about the Tick Box Conveyancing difference when it comes to assisting developers.
Stage 1 – Fact-Finding & Contact Building
Developers come in all shapes and sizes.
However, whether dealing with a large scale business that solely focusses on property development or Mum and Dad investors turning one house into two units, they often have two things in common.
- They’re time-poor
- They entrust a range of professionals, such as builders, accountants, mortgage brokers etc. to assist them through the development process.
So when Tick Box Conveyancing gains a new developer client, the first priority as part of our Melbourne conveyancing services, is to work with the developer to understand the material facts of the proposed development and build a contact list of the people the developer has entrusted to assist with the project.
“It’s really about taking instructions clearly and understanding the brief,” Martin said.
“We want to know what type of development the developer is looking to achieve, we want to know who our main points of contact are from the developer’s point of view and how and when they like to be contacted as well as who the other key players are.
“Typically this will include the town planner, the sales agent, the financiers and the accountant.”
To assist with this process, the developer is provided a questionnaire which Tick Box will assist them with completing.
The questionnaire covers off on a number of important details which will be required when it comes to preparing off-the-plan contracts the developer’s sales professionals will use to sell the properties.
Some of the topics covered include, but is not limited to:
- Sunset clauses
- List of inclusions
- Owners Corporation management details and estimated budget and levies for each lot
Once Tick Box has these key facts our specialist conveyancing team can get started conducting all the relevant searches with the required statutory bodies such as:
- Water Authority
- State Revenue Office
- Vic Roads
- Environmental Protection Agencies
Tick Box will also work with the appointed land surveyor to ensure we have a copy of the preliminary plan of subdivision.
The last step before the process of preparing contracts can begin is for Tick Box to confirm the financier’s requirements for any off-the-plan contracts.
“This is a crucial step and we like to make sure we have this conversation directly with the related parties,” Martin said.
“We’d want to know directly from the financier what the required are to fund the project and what the requirements are for the contracts because the contracts we eventually prepare will have to go through their legal team before they can be approved for use.
“For us this is a step that saves plenty of time when it comes to getting the financier’s approval to use the contract.”
Stage 2 – Drafting the Contracts
With all the facts, requirements and contacts on the table, the process of drafting contracts of sale for off-the-plan sales can begin.
Tick Box Conveyancing has over 30 years of experience within its ranks, as well as access to in-house counsel, to ensure our precedents are consistently updated and our contracts for off-the-plan sales fulfil all requirements.
The time and effort spent fact-finding and liaising directly with the other key collaborators in the development are crucial to making the drafting process as efficient as possible, without sacrificing the quality of work.
At the end of this process, Tick Box Conveyancing’s expert conveyancing team will have drafted a contract of sale complete with a Section 32 ready to get approval from the client and other relevant stakeholders, including the financier.
Once the contracts are approved, they are provided to the appointed sales agent so that the sales process can begin and the developer can start making the required sales to begin the development.
Check back soon for the second part of this series of blogs looking at Tick Box Conveyancing’s developer solutions for Stage 3 – Handling Negotiations and Stage 4 – The Road To Settlement